- iomart, the cloud computing company, has acquired the entire issued share capital of SystemsUp on a cash-free/debt-free basis with normalised working capital. iomart ays £9.0m has been paid in cash as an initial consideration and an interim payment of £0.5m in respect of the cash-free, debt-free normalised working capital adjustment has also been paid.

A further contingent consideration is due in respect of revenues, on an adjusted basis, for the year to March 2016. It has been estimated that this contingent payment could be in the region of £1.0m to £3.5m.

SystemsUp is a London consultancy specialising in the delivery of IT transformation using Public Cloud. It boasts a range of expertise in the design and delivery of public cloud solutions and is a G-Cloud partner to Google, an authorised Government Partner to Amazon Web Services and a Microsoft Gold Partner.

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